Terms with Tag Interest Rates

  • Annual Percentage Rate (APR) Bank, Very Important,
    • A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
    A number used to compare costs associated with mortgage loans and other forms of financing.
  • Annual Percentage Rate of Charge (APRC) Acronym,
    • A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
  • Forward Rate Curve (FRC)Acronym,
    • Fully Indexed Accrual Rate (FIAR)Acronym, Important,
        In relation to adjustable rate mortgage (ARMs).
      • Fully Indexed Rate (FIR)Acronym,
          A term used in adjustable rate mortgage (ARMs).
        • High Interest Investment Account (HIIA)Acronym,
          • Prime Lending Rate (PLR) Bank, Very Important,
            • The rate of interest charged on loans by chartered banks to their most creditworthy customers.
            Bank of Canada's prime (best) lending rate.
          • Zero Lower Bound (ZLB)Acronym,
              In relation to monetary policy.
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